The NZD/USD gapped higher in the earlier hours of thismorning to above 0.8220, before returning to sit at 0.8200. The overnight GDT auction showed average dairy prices tobe unchanged from the previous event. While that willcome as a relief to some, after recent sharp falls in prices,it did not appear to be the reason for the sharp move higherin the NZD earlier this morning. Rather, the NZD wasbenefitting along with many of its peers from a lurch lowerin the USD.
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